Bitcoin (BTC) fell to $109,000 in the last 24 hours. This came after a massive selloff of 24,000 BTC that led to the liquidation of over $838 million in leveraged positions.
From this level, BTC is expected to climb approximately 83% to reach $200,000. This goal may seem ambitious, given that September is historically one of Bitcoin’s weakest months. However, one analyst believes this milestone remains achievable thanks to the two most bullish months recorded in the past: “Uptober” and “Moonvember”.
A major catalyst that could not only boost the price, but also bring about a fundamental change for Bitcoin, its fastest Layer-2 ever built, Bitcoin Hyper (HYPER). Backed by over $12 million in funding, it is the first protocol to integrate Solana’s execution speed directly into Bitcoin’s base layer, creating an ecosystem that many believe could further increase demand for BTC.
Bitcoin Hyper is built on a dual economy. BTC is expanding its role by powering dApps previously considered impossible. At the same time, the HYPER token serves as currency for fees, governance, and other functions.
HYPER’s competitive advantage lies in its proximity to the Bitcoin narrative. Bitcoin Hyper strengthens BTC by bringing utility and programmability. This connection could boost HYPER’s price, an effect that will become even more pronounced when it is listed on major exchanges.
At the current price of $0.012815 per token, HYPER therefore appears extremely attractive for a token directly exposed to the performance of Bitcoin. But with only 31 hours remaining in the current sale phase, its price will increase in the next round.
Bitcoin Hyper Emerges as the Catalyst Amid $109K BTC Drop
Bitcoin climbed to $117,000 after the Fed’s dovish tone at the Jackson Hole symposium, which hinted at a likely rate cut at the September 17 FOMC meeting.
But the optimism didn’t last. A whale dumped huge amounts of BTC, triggering a cascade of forced liquidations. This wiped out more than $838 million from the entire crypto market and sent the price plummeting to $109,000.
This kind of volatility has bolstered the case for Bitcoin’s biggest skeptics. Peter Schiff, for example, predicts a collapse toward $ 75,000, urging investors to sell now and buy back lower. His warning is not without weight. September is historically one of the worst months for BTC, with an average of -3.77%, and sharp drops of -19.01% in 2014 and -13.38% in 2019.
With Bitcoin already in decline, it’s tempting to believe that September could be another red month. This calls into question the ambitious target of $200,000 by the end of the year, put forward by bulls like Tom Lee (Fundstrat).
But not all voices are bearish. Crypto Birb believes BTC could first slide towards $90,000-95,000 before rebounding, giving way to a powerful rally during Uptober and Moonvember. These months are traditionally the most profitable for Bitcoin.
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